Plenty has been written about the lack of transparency of the art market and public records, how easy it is to use art to launder money, as well as the lack of rules and restrictions. New laws and legal obligations came to play in the past few years, but in a global art world, how does one ensure they are on the right side of the fence? This is where Eunomart comes to the rescue.
The task that Eunomart set for itself is both complex and straightforward; “facilitate and automate administrative and legal tasks for the Art market, in response to the European 5th directive for anti-money laundering and terrorism financing”. Their software, developed by a team that is primarily composed of women, ¾ of it to be exact- includes the functionality of risk mapping as well as of transaction legal compliance verification.
Blockchain technology is once more at the service of art. And their solution doesn’t stop there: you can also create a passport for your artwork, creating unique and long-term traceable provenance.
“Eunomart will reimagine the way that the art market professionals will face their new legal obligations, empowering them with an innovative product that uses next-generation technology.”
– Patricia Ferent, Chief Product Officer (CPO) & Senior in UI/UX design, Eunomart
“Combining Art and tech is at the heart of all discussion since it’s full of opportunities. But in the nearest future, I think the priority is to help the art market dealers facing issues in their profession with technology. Thinking about a useful tool before developing trendy nice to have ones.”
– Violette Taquet, Chief Executive officer (CEO), Eunomart
Every player in the art market can use their services and will see the value in them. They have signed partnership contracts with galleries as well as auctioneers, and their prototype is being tested out as we speak. It might just be the very solution we need to trace art. Soon, they are looking forward to connecting with other tools that will help with stock management and artwork tracing, attacking fraud and forgery while cleaning up the art market. Is this the beginning of a new era of transparency – only time, and Eunomart, will tell!